SBI creates separate business vertical for financial inclusion, agri biz

8,000 semi-urban, rural branches to work under the Financial Inclusion and Micro-Markets vertical vertical

In a major restructuring exercise, State Bank of India has created a separate business vertical to focus on financial inclusion and micro-markets (FI&MM) in semi-urban and rural areas.

Under FI&MM, the Bank will offer loans predominantly for agriculture & allied activities, and micro/small enterprises and vastly improve customer experience for the citizens in the hinterland.

About 8,000 branches in rural and semi urban areas have been identified for providing specialised services to the micro segment including micro credit for small businesses and farmers under new vertical. The thrust will be on improving service quality and availability of banking services through over 63,000 Customer Service Points in rural, semi urban, urban & metropolitan areas, SBI said in a statement.

At the national level, the FI&MM vertical will be headed by Deputy Managing Director, Sanjeev Nautiyal. To ensure smooth functioning at the local level, the FI&MM vertical will have a four tiered structure under the Chief General Manager, General Manager, RMs at Regional Business Offices (RBO) & District Sales Hub (DSH).

This is expected to strengthen the credit delivery system and improve the turnaround time for quick sanctions and disbursement of small loans.

Rajnish Kumar, Chairman, SBI said the key elements of creating the FI&MM vertical are to bring sharper focus to different business lines and improve the quality of interaction with customers at the branch.  The creation of the FI&MM vertical was conceived, created and implemented fully in-house.  

The new FI&MM vertical provides an opportunity to help customers to run their businesses smoothly, especially in the current times of uncertainty.

The primary emphasis will be on consolidating the district level presence which will provide constant sales & recovery support to branches in the FI&MM Network. The DSHs will also play an important role in strengthening the reach of Customer Service Points (CSP) and ensure improvement in quality & availability of services rendered to customers, SBI added.

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